Market Commentary

ACM Commentary 4Q 2016

The election of Donald Trump as the next US President led to a furious market rally in the 4th quarter. The S&P500 was up almost 6% in the last 2 months of the year, roughly half of the full year’s gain of 12%.

ACM Commentary 3Q 2016

The S&P 500 achieved a 3.9% return in the quarter, with virtually all the gains coming in the month of July, as both August and September were basically flat. On the whole, the S&P has provided investors a 7.8% return on the year.

ACM Commentary 2Q 2016

A lot has happened since our last update, however, the US equity market is stuck in the doldrums, as we expected. Given the upcoming election season, we will cover some of the fundamental economic issues facing the next President and our views on the latest external shock – Brexit.

ACM Commentary 4Q 2015

As we expected, equity markets did poorly in 2015. The S&P 500 was down on a price basis and was up a bit over 1% when including dividends. Our equity accounts performed a touch better, up over 2% for the year, net of fees. Since inception in 2010 our accounts are up 14.7% annualized while the S&P500 is up 13%.

ACM Commentary 3Q 2015

MARKET SUMMARY As we have discussed over the past couple of quarters, overall frothiness in the markets continued to reveal itself in the 3rd quarter, with the S&P 500 pulling back -6.4%. The combination of slowing domestic and global growth, a strong US currency,...

ACM Commentary 2Q 2015

In our fourth quarter 2014 letter we discussed how valuations had become frothy and we were having difficulty finding suitable investments. Six months into the year our forecast has been borne out, the S&P500 is up roughly 1% through the end of the second quarter....

ACM Commentary 1Q 2015

MARKET SUMMARY Strong performance in February was able to offset losses in January and March, enabling the market to continue its march higher in the first quarter. The S&P 500 managed a 1% return in the quarter, marking its ninth consecutive positive quarterly...

ACM Commentary 4Q 2014

The markets did very well in 2014 after an even better 2013. While we made money for our clients, we underperformed the broader equity market primarily because of our smaller company bias, large cash holdings and underperformance from some of our longer-term holdings....

ACM Commentary 3Q 2014

MARKET SUMMARY The S&P 500 churned slightly higher in the 3rd quarter (+1.1%), resulting in year to date performance of +8.3% through September 30th. Our equity accounts were down -1.2% in the 3Q, and are up roughly 1.6%, net of fees, for the year. Since inception...

ACM Commentary 2Q 2014

The markets continued their run in the first half of this year after a very strong 2013. Our equity accounts are up roughly 2.7%, net of fees, for the year. Since inception in 2010 our investments have cumulatively grown 120% (19.2% annualized, net of fees) while the...